Bain Capital Interested in Purchasing Billabong

Bain Capital Interested in Purchasing Billabong

As bad as things have been for beleaguered surf industry company Billabong, they could get a whole lot worse.

If you’re an employee of Billabong that is.

Bain Capital, a private investment and equity firm known more for being the company formerly run by Republican Presidential Candidate Mitt Romney, is interested in a takeover bid of surf industry company Billabong, which last week posted its first annual loss since becoming a public corporation over a decade ago. Bain is reportedly offering a similar amount to what another private equity firm, TPG Capital offered in July, $1.45 a share to takeover the struggling company.

In an official statement Billabong announced that, “it received an indicative, non-binding and conditional proposal from another party interested in acquiring all of the shares in the company and which states “we currently propose a cash consideration value of around $1.45 per share”.” According to the New York Times the other party is Bain Capital, which has a reputation for buying struggling corporations, significantly downsizing the company and then either selling off the company or claiming bankruptcy while collecting a strong profit.

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